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"The Big Banks" Goldman Sachs' Ratings and Target Prices for Hong Kong's Comprehensive Enterprises and House Rental Companies (Table).
Goldman Sachs has released a research report on Hong Kong comprehensive enterprises and house rental companies, with investment ratings and target prices listed as follows: stock | investment rating | target price (HKD) House rental companies Wharf Holdings (00004.HK) | Sell | 25-26 HKD Hysan Dev (00014.HK) | Neutral | 14.6-15.1 HKD Hang Lung Ppt (00101.HK) | Buy | 11.7-13.6 HKD Swireproperties (01972.HK) | Buy | 20-21 HKD Wharf Reic
Local real estate stocks in Hong Kong rallied: Henderson Land rose nearly 7%, and New World Development rose more than 3%.
On July 12th, Gelonghui reported that the US CPI data fell in June, and the market anticipates a rate cut by the Federal Reserve in September. Hong Kong local property stocks continued to strengthen today, with Henderson Land up nearly 7%, SHK PPT and Link REIT up more than 5%, Wharf Holdings, CK Asset and Hang Lung Properties up more than 4%, New World Development, Swire Properties, Wharf REIC, and Hysan Development up more than 3%, Sino Land, MTR and Champion REIT up more than 2%, and Swire Pacific A up nearly 2%. Stimulated by the CPI data, interest rate futures show a one-quarter chance of a US rate cut, up from 69.7% the previous day to the current 84.6%.
CBRE Group: Weak momentum in commercial leases in the first half of the year, and vacancy rates will increase by 0.2 percentage points in the next quarter.
CBRE Group's "Market View of Hong Kong's Commercial Real Estate Market in the First Half of 2024" released today (8th) mentioned that the rental momentum of commercial premises in Hong Kong is weak in the first half of this year. One reason is that the rentable space has reduced and the uncertainty of consumption patterns has increased. The total sales value of the retail trade in the first five months of this year decreased by 6.1% compared with the same period last year. In terms of rental volume of commercial premises, the dining industry is still the main driving force for rental demand. The rental volume in the second quarter of this year reached 0.197 million square feet. Despite the slow rebound in the number of tourists and the slowdown in demand for watch and jewelry retailers and pharmacies, lower rents have driven fashion brands to enter the core area and expand. There are vacant commercial premises.
Goldman Sachs maintains a 'sell' rating for Wharf Holdings (00004) with a target price of HKD 26.
Goldman Sachs has slightly lowered its earnings per share forecast for Wharf Holdings (00004) for the fiscal years 2024 to 2026 by less than 1%.
ESG Report Interpretation | Wharf Group (00004) Releases 2023 ESG Report Adhering to the Mission of “Creating Tomorrow” to Achieve Sustainable Development
Recently, the Wharf Group (00004) released the 2023 Sustainability Report, reaffirming the Group's policies and commitments, and sharing its sustainability measures for the reporting year.
WHARF HOLDINGS: Annual Report 2023
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